Topicus, Boyd, and Constellation: Omelchak’s Market Standouts

Why LionGuard Capital’s CEO is doubling down on undervalued small and mid-cap stocks amid market noise.

Editorial Team (ET)February 14, 2026

In a financial world that often tilts toward the mega-caps, Andrey Omelchak, CEO and CIO of LionGuard Capital Management, is swimming against the current. On April 1, 2025, speaking with BNN Bloomberg, Omelchak laid out a clear and confident case for small and mid-cap equities in North America, highlighting a market teeming with opportunity amid volatility, noise, and mispriced fear. His top picks—Topicus.com, Boyd Group, and Constellation Software—signal a strategic return to the fundamentals, where value is king and market panic is merely background noise.

The LionGuard Philosophy: Bottom-Up, Long-Term, Unshaken

At the core of LionGuard Capital Management’s investing playbook is a disciplined bottom-up strategy. For Omelchak, the secret isn’t timing the market or reacting to headlines. It’s about staying committed to great businesses—those with real earnings power, strong fundamentals, and long-term upside potential. Volatility? To Omelchak, that’s not a red flag—it’s an invitation.

While most investors flinch at headlines and rush to the exits at the first sign of market turbulence, LionGuard steps in. They view volatility as a friend, not a foe—a moment where short-term pricing inefficiencies can be turned into long-term value.

The firm sees widespread panic pricing even among fundamentally strong companies. Omelchak notes that these aren’t struggling entities bogged down by debt, tariffs, or regulatory nightmares. These are healthy, growing businesses caught in the crossfire of emotional markets.

Tariffs, Fear, and the Opportunity in Canada

There’s no denying it—tariffs have been a central theme in global markets over the last year. But Omelchak believes investors are getting tired of the noise. Tariff-talk fatigue is setting in, and soon, he predicts, investors will recalibrate their focus to quality. Companies with strong fundamentals will, in time, be re-rated—regardless of the political environment or shifting trade rhetoric.

He also sees a rotation coming back toward Canadian-listed equities. According to him, Canadian capital allocators have veered too far in their attempts to play it safe, sidelining high-quality domestic opportunities. Omelchak believes the pendulum is swinging back. Canadian stocks, especially those with global growth potential and disciplined operations, are poised for a comeback.

Topicus.com: A Premier Software Compounder in the Making

At the top of Omelchak’s buy list is Topicus.com—a lesser-known powerhouse in vertical market software. A spinoff of Constellation Software, Topicus operates across Europe, acquiring and managing software companies that serve niche markets. Its decentralized model is more than just a corporate strategy—it’s a cultural edge, allowing local leaders to act like owners and make decisions swiftly and effectively.

What makes Topicus stand out is its consistent ability to combine organic growth with smart acquisitions. Its business model thrives on recurring high-margin revenue, and the company has proven that it can deploy capital efficiently and scale without sacrificing profitability. The latest financials paint a clear picture: strong organic growth, healthy free cash flow, and plenty of dry powder for future deals. Trading at what Omelchak considers an attractive valuation, Topicus isn’t just a software play—it’s a textbook example of a long-term compounder.

Boyd Group: Quietly Dominating the Collision Repair Market

The Boyd Group might not make flashy headlines, but in Omelchak’s eyes, it’s a giant hiding in plain sight. As one of the largest operators in North America’s fragmented collision repair industry, Boyd is executing exceptionally well under pressure. The industry is facing headwinds—from higher insurance premiums to fewer repair submissions—but Boyd continues to gain market share.

Its strategy? A mix of greenfield and brownfield expansion that focuses on return on invested capital. It’s not just building out for the sake of growth; it’s growing smart. Boyd is also one of the only large public operators in a sector dominated by private equity players, which puts it in a unique spot. If the market keeps mispricing it, don’t be surprised to see a PE buyout offer land on the table. For now, Boyd’s steady climb and operational consistency make it one of the most compelling mid-cap plays in Canada.

Constellation Software: The Blueprint for Scalable Success

If there’s a gold standard for capital allocation, Constellation Software wears the crown. The Toronto-based software consolidator has built a global empire by acquiring and scaling niche software companies—without overpaying and without straying from its decentralized roots. Constellation doesn’t just buy companies—it nurtures them, often letting acquired businesses operate with autonomy under seasoned managers. That’s part of what makes its returns so durable. It’s a system built to scale, and it's working.

Omelchak sees Constellation’s recent spinoffs—Topicus and Lumine—as proof of just how deep its bench is. While many large companies struggle to maintain growth at scale, Constellation continues to find and integrate new verticals, turning each acquisition into a reliable revenue stream. It’s not hype. It’s process. And that process has delivered for years.

Even today, many in the market still underestimate how scalable this model is. But Omelchak isn’t among them. For investors willing to think long-term, Constellation offers a unique blend of consistency, capital discipline, and compounding returns.

The Bigger Picture: Staying Invested and Ignoring the Noise

There’s a deeper message behind Omelchak’s top picks: don’t get caught chasing headlines. The market, by its nature, overreacts in the short term. The real opportunity lies in the disconnect between price and value.

For LionGuard, that means doubling down on businesses that are already proving their worth—even if the market hasn’t caught on yet. This isn’t about speculation or hype cycles. It’s about fundamentals, capital efficiency, and long-term growth.

Omelchak is betting on the idea that quality will ultimately be recognized. Whether it’s a niche software firm in Europe, a collision repair leader in North America, or one of Canada’s greatest success stories in tech consolidation—each of his picks reflects that philosophy.

Why Now Is the Time for Small and Mid-Caps

With markets wobbling under the weight of macro uncertainty, many investors are huddling around big names and perceived safety nets. But Omelchak is taking a different view. He believes that many small and mid-cap stocks are now trading at discounts too wide to ignore.

These companies, often overlooked during bull runs or risk-off environments, are now ripe with opportunity. Their growth is real, their execution is proven, and their valuations are compelling. For investors with the patience to look past the noise, this could be a golden window.

Looking Ahead: Conviction Over Chaos

As 2025 unfolds, market participants will be tested. There will be more volatility, more headlines, and more uncertainty. But for those like Omelchak who stick to their convictions, the payoff could be significant.

The message is clear—now is not the time to sit on the sidelines. Now is the time to be selective, thoughtful, and bold. LionGuard Capital Management isn’t waiting for perfect conditions. They’re leaning into the storm, finding value where others see risk, and betting on quality above all else.

With Topicus.com, Boyd Group, and Constellation Software at the forefront, Andrey Omelchak is reminding us of something that often gets lost in turbulent markets: great businesses don’t go out of style. They compound. They endure. And most importantly, they reward those who recognize them early.

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